Together has upsized its Charles Street securitisation by £325m to bring its total facility to £1bn.
Together has upsized its Charles Street securitisation by £325m to bring its total facility to £1bn.
The facility has also been extended by two years to 2021.
Gary Beckett, Together’s chief financial officer said: “The upsizing of our Charles Street securitisation marks a major milestone in bringing the programme to £1bn, which will enable us to meet the increasing demand for finance across our markets.
"Along with enhanced terms and an extension of maturity by an additional two years to 2021, the revolving programme provides a long-term flexible facility to support our strategic growth plans.
“In addition to our continued diversification of funding, we continue our substantial investment in strengthening our leadership team, developing our IT infrastructure and extending our distribution channels, together creating a solid platform for profitable and sustainable growth.”
The investment grade programme 'Charles Street Conduit Asset Backed Securitisation 1 Limited' has been in place since 2007, supported by RBS, Lloyds Bank, Natixis and HSBC, with Barclays also joining the programme and committing £100m.
Together's new lending stood at £878m in the 12 months to December 2015, with demand for short-term finance increasing by 65% in 2015. By December loan balances exceeded £1.6bn.
The Charles Street securitisation programme sits alongside Together’s £255m Lakeside securitisation introduced last year.
